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New BioBenefits Program Allows Canadian Biotech Companies Access to Affordable Employee Benefits

OTTAWA, October 18, 2017 – BioTalent Canada announced today its partnership with BioBenefits, a discount employee-benefits provider, offering plans which enable small- to medium-sized enterprises (SMEs) in Canada’s bio-economy to afford group benefits.

BioTalent Canada, a national non-profit HR association for Canada’s bio-economy, has launched the program in partnership with MadRock Financial, an independently owned and operated group benefits and insurance advisory firm, located in Mississauga, Ontario. Group benefits are an integral component of a company’s overall compensation strategy to attract and retain talent, and it is widely known biotechnology startups and SMEs struggle to afford and provide competitive group benefits to their employees.

According to BioTalent Canada’s labour market research, the ability to attract and retain top talent to drive innovation remains one of the greatest challenges the bio-economy faces.

“Approximately 80% of Canada’s biotech sector consists of small- and medium-sized enterprises, and access to affordable group benefits is a widespread challenge,” says Rob Henderson, President and CEO of BioTalent Canada.

The partnership to launch BioBenefits is BioTalent Canada’s response to this industry pain point, and it hopes to lower barriers to help more biotech companies access group benefits, which employees regard as the most important employment attractant, next to salary.

Forecasting benefit expenses is important for cash-strapped SMEs and startups. The BioBenefits program is designed to help companies better plan and budget their annual benefits costs, and offer a wider range of value adds, including components such as health and wellness, retirement savings programs, and voluntary insurance products.

Madison McKimm, President and CEO of BioBenefits agrees. “We are very excited to partner with BioTalent Canada and welcome the opportunity to work with their network,” he says. “BioBenefits is designed for the Canadian bio-economy. We are focused on helping the sector better align their benefits programs with their objectives, while providing access to affordable and flexible benefits solutions.”

“Group benefits are an important component of any competitive compensation package. In fact, for any company that wants to attract top talent, they are essential,” says Henderson. “We are pleased to introduce BioBenefits as an affordable and valuable option for their HR programs.”

For more information about BioBenefits, please call 416-428-7636.

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About BioTalent CanadaBioTalent Canada is the HR partner of Canada’s bio-economy. As an HR expert and national non-profit organization, BioTalent Canada focuses on building partnerships and skills for Canada’s bio-economy to ensure the industry has access to job-ready people. Through projects, research, and product development, BioTalent Canada connects employers with job seekers, delivers human resource information, and skills development tools so the industry can focus on strengthening Canada’s biotech business. For more information, please visit biotalent.ca.

About BioBenefits

BioBenefits is a wholly-owned subsidiary of MadRock Financial Corporation; it specializes in group benefits and insurance advisory. Focused on providing affordable and flexible employee benefit plans to the Canadian bio-economy; through its partnership with BioTalent Canada, they connect employers with best practices, cost control strategies and preferred pooling arrangements. BioBenefits has several distinct providers and partnerships that support its comprehensive offering, each enhances both the plan sponsor and member value through unique products and service delivery. For more information, please visit biobenefits.ca.